FAQ: What happens when trainees complete the three-year programme?
Trainees who successfully meet their academic/training requirements and have signed off their articles may apply for available positions within SARS, although there is no guarantee that they will be successful with a placement within SARS.
FAQ: What is the basic information as stipulated in the Diamond Export Levy Standard Operating Procedure (SOP)?
Producers, Dealers, Beneficiator(s) or the holder of an export permit who export unpolished diamond(s) from the Republic must register with SARS. With effect from 1 November 2008, SARS is responsible for the collecting of the export levy as imposed for in the Diamond Export Levy Act No.15 of 2007 and the Diamond Export Levy (Administration) […]
FAQ: Who is liable to register for APT?
All airlines/operators that do cross-border flights (international or BLNS countries).
FAQ: Where are taxable capital gains included in the basic reduction formula?
A taxable capital gain is included directly in taxable income by section 26A
FAQ: In the case of a couple married in community of property, will a capital gain on an investment in the name of one of the partners be regarded as a capital gain accruing to both partners?
Under paragraph 14 of the Eighth Schedule a disposal of an asset by a spouse married in community of property is treated as having been made – in equal shares if the asset forms part of the joint estate; and solely by the spouse making the disposal if the asset does not form part of […]
FAQ: Can an assessed loss – as opposed to an assessed capital loss – be set off against a taxable capital gain?
Yes. Some commentators have questioned this point because a taxable capital gain is included in taxable income. The definition of the term “taxable income” in section 1 provides as follows: “taxable income” means the aggregate of— (a) the amount remaining after deducting from the income of any person all the amounts allowed under Part I […]
FAQ: I want to import my personal effects and / or household goods. What do I require?
The goods or effects may be imported into the RSA without the payment of customs duty and VAT in terms of rebate item 407.06 of Schedule No. 4 to the Customs and Excise Act, provided that you have been out of the Republic of South Africa for a period of 6 months or longer. The […]
FAQ: How must I value my shares on valuation date and can I use the time-apportionment basis?
South African-listed shares The following valuation date values may be adopted for South African-listed shares: Market value which is the volume weighted average price of all the relevant shares traded during the five business days preceding 1 October 2001 and which has been published in the Government Gazette Time-apportionment base cost 20% of the proceeds […]
FAQ: How must the base cost of my demutualisation shares be determined?
The valuation date value of demutualisation shares in Old Mutual and Sanlam can be determined by using any of the four methods available for this purpose, namely, market value, time-apportionment, 20% of proceeds or weighted average. However, since these shares were acquired for an expenditure of nil, the time-apportionment method is unlikely to give the […]
FAQ: I hold unit trusts as well as shares on the JSE. Must the market value on valuation date for CGT purposes be calculated as at close of business on 30 September 2001 or close of business on 1 October 2001?
SARS has published the market values to be used for securities on the JSE and for domestic unit trusts on this website. These were also published in Government Gazette 23037 of 25 January 2002. These market values are based on an average of the values for the five trading days before valuation date.
